Looking to solidify your understanding of federal payroll tax essentials? Join our comprehensive webinar, where we cover everything you need to know to effectively handle withholding, depositing, paying, and reporting federal payroll taxes. Whether you're a payroll beginner seeking a solid foundation or a seasoned professional in need of a refresher, this course is designed to equip you with the essential knowledge and skills to navigate federal tax regulations with confidence.
Learning Objectives:
Understanding the Federal Tax System: Gain insights into the structure and components of the federal tax system, including the roles of employers and employees in tax withholding and reporting
Obtaining an EIN: Learn the importance of obtaining an Employer Identification Number (EIN) and the process involved in obtaining one for federal tax reporting purposes.
Federal Income Tax Essentials: Explore different methods of federal income tax withholding and understand how to handle supplemental wages in compliance with IRS regulations.
Comprehending FICA Taxes: Develop a comprehensive understanding of Federal Insurance Contributions Act (FICA) taxes, including Old-Age, Survivors, and Disability Insurance (OASDI), Medicare, and the Additional Medicare Tax.
Navigating FUTA Tax Requirements: Familiarize yourself with the Federal Unemployment Tax Act (FUTA) tax, including who is subject to it, current rates and wage bases, implications of credit reduction, and procedures for computing and paying the tax.
Special Considerations for Nonresident Aliens: Explore special rules and considerations for nonresident aliens on visas regarding FICA taxes and federal income tax withholding.
Understanding Successor Employer Rules: Gain insights into the basic rules governing successor employers and their responsibilities in relation to federal tax withholding and reporting.
Common Paymaster Regulations: Understand the concept of a common paymaster and the rules governing their use in federal tax withholding and reporting.
Deposit Rules and Compliance: Learn about the deposit rules for federal payroll taxes, including deposit frequency and requirements for Electronic Federal Tax Payment System (EFTPS) enrollment.
Reporting Requirements: Explore the various forms used for reporting federal payroll taxes, including initial reporting, corrections, and reconciliations, and understand their due dates and significance in tax compliance.
Penalties for Noncompliance: Understand the potential penalties and consequences associated with noncompliance with federal tax withholding, depositing, and reporting regulations, and learn strategies for mitigating risks.
Who Can Benefit:
• Payroll executives
• Managers/ Administrators/ Practitioners
• Entry- level personnel
• HR Professionals
• Accounting Personnel
• Business Owners/ Executive Officers
• Those dealing with the complexities of payroll compliance issues
Live Q&A
